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Home insurance 'inadequate' for millions

Tue, 20 Jun 2006

Millions of Britons could be risking the contents of their house with inadequate home insurance that undervalues antiques and family heirlooms, new research suggests.

Indeed, the wealthiest homeowners are under-insured by an average of £85,000 each – a total of £8.5 million across the UK, according to Norwich Union.

Some of the most commonly undervalued items in our houses include antiques, original works of art and inherited items of furniture or other heirlooms.

And even more everyday items such as designer clothes and expensive golf clubs are often not insured to the degree that accurately reflects their real value.

John Weallans, a chartered arts and antiques surveyor, says that often people are completely unaware of the real worth of many of their everyday household items.

"Often [the homeowners] have no idea how much that simple oak table they've had for decades has increased in value or how much all those shoes and suits are really worth," he commented.

In order to ensure that family heirlooms are protected and their real value preserved, homeowners are advised to have any items they are unsure about valued by an expert, and adequate home insurance cover sought.

© Adfero Ltd

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